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In prior posts, I have written about the equity market indices in Iceland being under selling pressure and have mentioned that I expected them to drop further. Today the Icelandic stock market was closed. It will be interesting to see how much the indexes will fall tomorrow (Tuesday).

Looking at charts of the OMX Iceland All-Share Price Index (OMXIPI), the imminent decline in the index will probably exceed potential support in the 1974-1960 area on the daily. Thereunder, the 1954-1952 levels seen on the weekly may offer some support. The direction of the long-term moving average lines is clearly to the downside, hinting that one should anticipate lower index levels in the coming days.

OMXIPI - Daily Chart 
 

OMXIPI - Weekly Chart 
 

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